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CNBC
Oct 8, 2012 12:00pm EDT
return for our shareholders. >> reporter: this is the third ohio casino open in the last year. penn owns one, caesars owns another and will open one in cincinnati next spring. pen market cap around $3 billion. czr, one-third of that size. they're obviously competing for these non-traditional markets in this country. if you think vegas and macao are positive trades, take a look. there's valley technologies and wms industries, third is aristocrat out of australia. he he said that space is so competitive that actually penn national has huge pricing power and control over those guys in terms what have they buy. when you have to buy 3,000, which they bought here, that's a big deal. so they made good money on buying from those four companies and spreading it around. back to you. >> brian schactman, thanks so much. what's the best casino pick? >> to me the left is lvs still. caesars has issues with balance sheets. i stay away from the slot manufacturers. >> why not penn? >> penn of i've been in and out of over the years. local markets are great markets. i just don't know enough about penn at th
CNBC
Oct 2, 2012 3:00pm EDT
jerry sandusky talks to maria about how penn state will administer proper compensation to the victims. that and a lot more is still ahead on the "closing bell." ifo improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. >>> where can back, everybody. about 50 minutes left in the trading session. if you're just joining us, get you caught up on the markets. near the lows of the session. stocks seeing red today on concerns about third quarter earnings still to come and uncertainty about
CNBC
Oct 2, 2012 4:00pm EDT
compensating those affected by the scandal at penn state. that's ahead on the "closing bell." i'm bara ck o bama and i approve i'm bara this message. ck o romney: "it's time to stand up to the cheaters" vo: tough on china? not mitt romney. when a flood of chinese tires threatened a thousand american jobs... it was president obama who stood up to china and protected american workers. mitt romney attacked obama's decision... said standing up to china was "bad for the nation and our workers." how can mitt romney take on the cheaters... when he's taking their side? zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. >>> welcome back. it's not hard to tell when hedge fund manager david einhorn told investors today that he thinks chipotle's stock is short. my next guest couldn't disagree more with the short call. he's damon vickers. good to have you on the program, damon. thanks for joining us. why do you think you're right? >> well, yeah
CNBC
Oct 8, 2012 11:00pm EDT
all those new tv shows popping up on youtube? advertising $600 billion global market. less than penn% of that is online. i think that percentage gets much bigger going forward, which means a lot more money for google. and that's just in the core business. don't forget, google is truly a global company. 54% of the sales from outside the u.s., dollar getting weaker versus euro is going to help them. the international side of the business growing rapidly. google's balance sheet $43 billion in cash, no debt. i'm also a believer in management. now i remember when co-founder larry paige took over as ceo in april of 20 leonardo. oh, there were a ton of doubters. but the guy has done a great job, streamlining the company by reorganizing around individual product areas and focusing on relentless innovation does not get enough credit for the job he has done. each though google is a $758 stock, it's only trading at 15 times next year's earning estimates. when you look at the out-years, google gets insanely cheap. the analysts think it can earn 67, 11 times 2015 numbers. that's a real low valuat
CNBC
Oct 8, 2012 2:00pm EDT
governments in taxes. now i spoke with the chief operating officer of penn gaming which actually runs this casino. he said it shouldn't be difficult to figure out why there's such a rush to welcome in gaming. all you have to do is look at history. >> we've seen a growth early 90s when the desert storm recessionary period hit when a number of states in the midwest and south opened up their borders. now in these tough economic times we've seen states like massachusetts, ohio and florida open up their borders to commercial gaming as well. >> look what it's done in pennsylvania. it expanded its gaming two to three years ago. it now takes in more gambling tax money than nevada. indiana, new york and louisiana all rake in more than half a billion a year. nationally kw lly gambling is $ billion a year in revenues but 8 $8 billion in taxes. took 3,500 construction workers to build this place. 2,000 casino workers staff it. obviously it is a big deal in terms of job creation. now there are indirect jobs, too, expected to be built around this facility because they want to build up the area. now the
CNBC
Oct 8, 2012 6:00am EDT
revenue and for a company like penn national gaming it's about the bottom and top line. we'll talk to their president and coo next on "squawk box." [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they can focus on keeping the world moving. with xerox, you're ready for real business. >>> is this just gambling? >> it is gambling. they have a convention center where they'll do other things but in terms of -- listen, people that gamble are taking money they could save and invest and they're gambling it. they'll have one in cincinnati by spring of 2013, coming to your town as well. ohio will go from no casinos to four in a year and a half. in terms of overall tax revenue about $8 billion was raised from casino gambling in this country an
CNBC
Oct 8, 2012 1:00pm EDT
one thing only -- that's to gamble. one-third of all the money made to penn national gaming goes back to the state and city in taxes. the city of columbus expects to get at least $15 million directly next year and that will go a long way. of course, interestingly when you spoke to t i spoke to the city's mayor today, he was just as focused on job creation. the city needed 3,500 workers to build it and 2,000 employees . >> the more jobs you have in a community, the more income there is to the city. >> ohio's considered a swing state. right? but unemployment here has been running well below the national average. we look at a few dealers doing their thing here. been below the national average for a while. looks like today a lot of people played hookie. at least 5,000 people have been here. there are a few notes of caution. number one, the two casinos that were open in 2011 already reported year over year decreases in revenue, only open a few months. i also want to point out projections from income taxes from here are already well below what they initially thought when they green lig
CNBC
Oct 10, 2012 12:00pm EDT
wanting to age some of the brilliance of apple. and bringing in mark penn as a chief strategist certainly taking things up. >> jeff, good to have you as always. >> thanks. >> you want to just button that conversation up, joe? >> just to use a sports analogy for a second. will it be football, baseball, it's the players, it's the products that matter. think about tom coghlan. he comes back. it's all about the products and i think with cook, it's going to come down to the capital allocation strategy. what's he do with that $100 billion -- >> maybe they split the stock. >> maybe they should. >> maybe everybody who owns apple. maybe everybody who wants it already owns it. as long as they have $100 billion in cash, that's the put to every institutional investor. >> and quite honestly, i don't care what they do with that money. i think they're doing fantastic. >> and they've got the money and can decide what to do with it. >>> at the sector booming inin years, why that uh trade may be over. we debate where prices are going from here. >>> and how to invest depending on who wins the elec
CNBC
Oct 9, 2012 6:00am EDT
proclaiming his innocence. it aired on penn state radio last night. he was convicted of abusing ten boys over 15 years. the former penn state assistant football coach offered no apologies, only a vow to fight whatever sentence he receives. in other news, there are more cases and more deaths caused by the meningitis outbreak linked to tainted steroid injections. the center for disease control and prevention says the number of confirmed infections is now up to 105 in nine different states. the death toll is now eight. really terrifying. >> they need stricter controls on some of these pharmacies. >> spinal injections. >> and anyone who around you can get the meningitis. highly contagious. >> some sports news, texans beat the jets 23-17 in monday night football. the win brings the test ans perfect record to 5-0. and st. louis hammered the nationals.xst ans perfect record to 5-0. and st. louis hammered the nationals.t ans perfect record to 5-0. and st. louis hammered the nationals. ans perfect record to 5-0. and st. louis hammered the nationals.ans perfect record to 5-0. and st. louis ha
Search Results 0 to 8 of about 9